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Jacki plans to pay for the down payment of a new car with her credit card. The annual interest rate for her credit card is 17%. The following expression represents the balance of the credit card, in dollars, after t years.

2,250 (1.17) ^t

Write an exponential expression in the form (b) c that reveals the monthly interest rate of Jacki's credit card. Round any decimals to the nearest thousandth.

Question

Mathematics

Atlas

3 September, 14:21

Type the correct answer in the box.

Jacki plans to pay for the down payment of a new car with her credit card. The annual interest rate for her credit card is 17%. The following expression represents the balance of the credit card, in dollars, after t years.

2,250 (1.17) ^t

Write an exponential expression in the form (b) c that reveals the monthly interest rate of Jacki's credit card. Round any decimals to the nearest thousandth.

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Answers (1)

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Abram Wiley · Answer 1

2,250 (1.014) ^12t

Step-by-step explanation:

the interest rate of Jacki's credit card is 17% which = 17/100 = 0.17

The exponential expression that reveals the monthly interest rate is:

2,250 (1 + 0.17/12) ¹²t

2,250 (1+0.014) ¹²t

2,250 (1.014) ^12t